https://www.taxtmi.com/caselaws?id=402896 Deduction under section 80P(2)(a)(i) depends on the society's actual activities in the relevant assessment year, so registration alone as a primary agricultural credit society is not conclusive. Section 80P(4) is a limited exclusion confined to co-operative banks and cannot be stretched to disqualify primary agricultural credit societies merely because their lending is not restricted to agricultural credit. Loans to nominal members do not by themselves defeat the claim where they are treated as members under the applicable law, but income attributable to loans advanced to non-members is not eligible for deduction. en-us Tue, 12 Jan 2021 00:00:00 +0530 Fri, 12 Jun 2026 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402896 Deduction under section 80P(2)(a)(i) depends on the society's actual activities in the relevant assessment year, so registration alone as a primary agricultural credit society is not conclusive. Section 80P(4) is a limited exclusion confined to co-operative banks and cannot be stretched to disqualify primary agricultural credit societies merely because their lending is not restricted to agricultural credit. Loans to nominal members do not by themselves defeat the claim where they are treated as members under the applicable law, but income attributable to loans advanced to non-members is not eligible for deduction. Case-Laws Income Tax Tue, 12 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402896